I want a rainy day fund...

Where should you store your savings? The answer is not in a mattress nor in a piggy bank nor in your checking account!

​Keeping your money in a savings account is important for two reasons: it’s generally harder to withdraw money from it than from a checking account, so you’re less likely to dip into it, and it will usually have a higher interest rate than your checking account, which will allow your money to grow faster.

We at Crafty Studios are going to be banging the drum for using Credit Unions rather than opening a saving account with one of the larger banks.

A Credit Union is a member-owned, not-for profit cooperative that gives its members a direct say on its business model. This is why fees are generally lower and interest rates are higher than large commercial institutions, which answer to a board of investors.

1. Find a Credit Union

2. Set a Goal

​In order to start saving, you need to know how much money you can afford to stash aside. So the first step is to build your budget. If you don’t have one yet, consider doing it now! A budget is the foundation for a solid savings plan.